New enterprises up 1.2% in Q1

More than 26,700 new enterprises were registered in the first quarter of 2018, a 1.2 per cent increase year-on-year, according to the Ministry of Planning and Investment’s Business Registration Management Agency. Total capital reached over VND278 trillion ($12.23 billion), a 2.7 per cent increase compared to the same period last year. Operational enterprises also added VND485 trillion ($21.34 billion) to their activities during the period.

Hoang Quan Mekong building affordable housing at Vinh Long IP

Hoang Quan Mekong has commenced work on a project building affordable homes at the Hoa Phu Industrial Park in the Mekong Delta’s Vinh Long province. A subsidiary of the Hoang Quan Group, the company’s project will cost some VND147 billion ($7.6 million) and have seven-story residential blocks with 415 units, including 332 social and 83 commercial units measuring 30 to 44 sq m each. There will also be 84 attached townhouses of between 70 and 135 sq m each, including 67 social and 17 commercial units.

Vingroup to split VinCommerce into two entities

The Vingroup JSC will split VinCommerce into two separate retail units, called VinCommerce and VinPro, its Chairman has notified the stock exchange. In documents posted on the website of the State Securities Commission and the Ho Chi Minh Stock Exchange, Vingroup said that following the split, VinPro would be in charge of electronics stores while VinCommerce will operate other retail store chains. VinPro will be established with charter capital of VND500 billion ($21.9 million), of which Vingroup owns 42.63 per cent, with nearly 21.3 million shares transferred from VinCommerce.

Good startup conditions lacking

According to Singapore’s Fintechnews, countries in the Asia-Pacific region with the best conditions for startups must have a healthy economy, relatively low operating costs, a good business environment, and a large number of people with higher education. By such measures, however, Vietnam is at the bottom of Fintechnews’ list. Leading the way is Singapore, with a GDP per capita of $52,962, a low unemployment rate of just 2.15 per cent, and an internet penetration rate of 81 per cent. Hong Kong and Japan followed.

Vietnam Airlines signs engine maintenance agreement

Vietnam Airlines and Air France Industries KLM Engineering and Maintenance (AFM KLM E&M) have inked an agreement on the maintenance of Boeing 787-9 engines, worth $500 million, in Paris. The signing was witnessed by President of the National Assembly of France Francois de Rugy and General Secretary of the Communist Party of Vietnam Nguyen Phu Trong, who is on an official visit to France. AFM KLM E&M will maintain 20 GEnx engines of Vietnam Airlines for 12 years and provide the carrier with spare engine access to guarantee seamless continuity of its operations.

Data center for Binh Duong

The Nippon Telegraph and Telephone East Corporation (NTT EAST), headquartered in Japan, signed a memorandum of understanding for cooperation with the Investment and Industrial Development Corporation (Becamex IDC). The signatories promised to build a local data center with one of the most powerful servers in Vietnam and able to satisfy relevant international standards. They are also committed to forming an extensive municipal wireless network covering the first spots of Binh Duong Smart City in the densely-populated southern province of Binh Duong.

Da Nang gives two polluting steel mills temporary reprieve

Authorities in central Da Nang city have permitted two local steel mills to remain in operation for another six months after they had previously been ordered to shut down because of pollution levels. The decision, which came less than a month after the initial shutdown order, stated that their resumption is only temporary and for purpose of allowing the plants time to arrange their production and minimize losses. The steel plants - Dana-Italy and Dana-Australia - both located in Hoa Vang district, are to strictly adhere to environmental protection measures during this phase.